Saudi investments in Lebanon hit US$5.33 billion

The head of the Saudi-Lebanese Business Council, Abdul Mohsen al-Hukair, has unveiled that Saudi investments have increased in Lebanon.

The head of the Saudi-Lebanese Business Council, Abdul Mohsen al-Hukair, has unveiled that Saudi investments have increased in Lebanon.

He stated that the increase has touched the real estate sector, with investments also going to other sectors such as commerce, trade, health and medicine.

Earlier Abdul Mohsen al-Hukair stated that bilateral trade rose by an unprecedented 20% as the Lebanese have begun to promote their skills especially in investment and industrial sectors.

The Saudis believe that Lebanon is a top, year-long tourist destination, al-Hukair said during a ceremony held in his honor in Beirut.

The Saudi-Lebanese Council and its Lebanese counterpart are working on consolidating trade between the two countries and expanding economic cooperation. The Chairman of the Saudi-Lebanese Business Council, Abdul Mohsen Hokair, said that the value of Saudi Investments in Lebanon has recently amounted to SR 20 billion. (US$5.33 billion)

The Saudis believe that bilateral investments are increasing as a result of current laws and regulations that promote trade and lift roadblocks blocking the flow of investments, al-Hukair said, during a ceremony held in his honor in Beirut.

He stressed that both parties should shoulder the responsibility of stimulating bilateral trade activities and widening commercial horizons by bringing businessmen from both countries together.

Foreign investments in Lebanon grew 3.2% to $4.96 billion in 2010 from $4.8 billion in 2009. Lebanon has registered a much higher investment flow than other countries which average investment volume of about $3.6 billion. (Source: www.yallafinance.com[1])